Sixteen Nobel prize-winning economists are jumping into the presidential campaign with a stark warning: Former President Trump’s plans would reignite inflation and cause lasting harm to the global economy if he wins in November.

“We believe that a second Trump term would have a negative impact on the U.S.'s economic standing in the world, and a destabilizing effect on the U.S.'s domestic economy,” the economists write in the letter.

“Many Americans are concerned about inflation, which has come down remarkably fast. There is rightly a worry that Donald Trump will reignite this inflation, with his fiscally irresponsible budgets,” they write.